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Agreement to Purchase Hotels

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QUITCLAIM DEED

(Corporation to Husband and Wife)

Prepared by:

Address tax statement to:

KNOW ALL MEN BY THESE PRESENTS THAT:

FOR VALUABLE CONSIDERATION OF TEN DOLLARS ($10.00), and other good and valuable consideration, cash in hand paid, the receipt and sufficiency of which is hereby acknowledged, a Corporation organized under the laws of the state of hereinafter referred to as “Grantor”, does hereby sell, convey, and quitclaim unto and Husband and Wife, as joint tenants with rights of survivorship, hereinafter “Grantees”, the following lands and property, together with all improvements located thereon, lying in the County of State of Iowa, to-wit:

Describe Property of State "SEE DESCRIPTION ATTACHED"

Prior instrument reference: Book Page Document No. of the Recorder of County, Iowa.

LESS AND EXCEPT all oil, gas and minerals, on and under the above described property owned by Grantor, if any, which are reserved by Grantor.

SUBJECT to all easements, rights-of-way, protective covenants and mineral reservations of record, if any.

TO HAVE AND TO HOLD same unto Grantees, and unto Grantees' heirs and assigns forever, with all appurtenances thereunto belonging.

TO HAVE AND TO HOLD to the said Grantees as joint tenants, with right of survivorship, their heirs, personal representatives, executors and assigns forever: it being the intention of the parties to this conveyance, that (unless the joint tenancy hereby created is severed or terminated during the joint lives of the grantees herein) in the event one Grantee herein survives the other, the entire interest in fee simple shall pass to the surviving Grantee, and if one does not survive the other, then the heirs and assigns of the Grantees herein shall take as tenants in common

WORDS AND PHRASES HEREIN, including acknowledgment hereof, shall be construed as in the singular or plural number, and as masculine and feminine gender, according to the context.

IN WITNESS WHEREOF, this deed was executed by the undersigned on this the day of 20

{Name of Corporation}

BY:

TITLE:

BY:

TITLE:

STATE OF

COUNTY OF

On this day of 20 before me, a Notary Public in and for the County of the State of Iowa, personally appeared and personally known, and each of whom by me severally sworn and each for himself/herself did say, that the said is and the said is of the said corporation, a corporation of County, Iowa, and that the Seal affixed to the above said instrument is the Corporate Seal of the said Corporation, and that the foregoing instrument was Signed and Sealed in behalf of the said Corporation by authority of its Board of Directors and the said and as as did severally acknowledge the execution of said instrument as the voluntary act and deed of the said Corporation by its voluntary execution of

In Witness Whereof, I have hereunto signed my name and affixed my Notarial Seal and the day and year last above written.

(Signature)

(SEAL)

Notary Public in and for County, State of Iowa

Grantor(s) Name, Address, phone:

Grantee(s) Name, Address, phone:

SEND TAX STATEMENTS TO GRANTEE

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What an Agreement to Purchase Hotels Is and when it's used

An Agreement to Purchase Hotels is a legally binding contract that records the terms under which one party agrees to buy one or more hotel properties from another. It outlines purchase price, deposit, contingencies (inspections, financing, title, zoning), closing mechanics, and allocations of liabilities and fixtures. Parties typically use this document during negotiated sales, portfolio dispositions, or asset acquisitions and attach exhibits such as rent rolls, operating statements, and property condition reports to support representations and warranties.

Why a clear, complete agreement matters

A precise Agreement to Purchase Hotels protects buyer and seller expectations, allocates risk, and creates enforceable deadlines for contingencies and closing. It reduces ambiguity about assets included, transfers title smoothly, and supports financing and insurance underwriting.

Why a clear, complete agreement matters

Who typically prepares, signs, and relies on this agreement

Parties to hotel transactions rely on distinct roles: buyers, sellers, brokers, lenders, and counsel coordinate to complete the agreement.

  • Buyers and buyer agents: negotiate price, contingencies, and post-closing obligations; use the agreement to secure financing and due diligence access.
  • Sellers and listing brokers: present property disclosures, negotiate terms, and manage closing deliverables tied to title and deficiency remediation.
  • Lenders and title companies: review representations, confirm acceptable collateral, and set conditions for loan funding and title transfer.

Accurate execution by all parties reduces closing delays and avoids post-closing disputes over included assets, liens, or unpaid taxes.

Authorized signers and negotiators

Corporate Buyer Authorized Signatory

An officer or person with board-approved signing authority must sign for an entity buyer. Provide corporate resolution or power of attorney showing authority; bank and title companies will require this for funding and recording.

Seller / Owner Representative

The seller must sign via the legal owner or an authorized agent. If property is held by an LLC, trust, or partnership, attach documentation (operating agreement, trust certification) confirming the signer's authority to sell real property.

Core elements to include in a professional Agreement to Purchase Hotels

A robust agreement groups business, legal, and operational terms so each party knows expectations and milestones. Include clear allocation of deposits, inspection windows, and representation/warranty language tailored to hospitality assets.

Purchase Price

State total purchase price, earnest money amount, allocation between real property and personal property, and mechanism for adjustments at closing based on prorations or escrow items.

Deposits & Escrow

Specify deposit amounts, escrow agent, release conditions, and consequences of default or failure to close including forfeiture or return of deposits.

Contingencies

Detail inspection, title, zoning, environmental, and financing contingencies with explicit cure periods and notice procedures for termination or negotiation.

Closing Mechanics

Identify closing date, location, deliverables from each party (deeds, affidavits, estoppel letters), prorations, and funding steps with wire instructions if applicable.

Representations & Warranties

Include seller representations on ownership, liens, compliance with regulations, pending litigation, and accuracy of operating statements and employment obligations.

Post-Closing Obligations

Address indemnities, holdbacks, escrowed repair reserves, transition services, and treatment of security deposits and prepaid items.

Key data fields required in the agreement

Buyer Name: Full legal name
Seller Name: Full legal name
Property Address: Street, city, state, ZIP
Purchase Price: Numeric amount
Effective Date: MM/DD/YYYY
Deposit Amount: Numeric amount or percentage

Step-by-step: completing and executing an Agreement to Purchase Hotels

Follow these steps to prepare the agreement, coordinate due diligence, and reach a timely closing while preserving contractual protections.

  • 01
    Drafting: Assemble deal terms, exhibits, and allocation schedules with counsel.
  • 02
    Due Diligence: Order inspections, review leases, receivables, and financials within the contingency window.
  • 03
    Financing & Title: Obtain lender commitment and clear title exceptions before closing.
  • 04
    Closing: Exchange documents, funds, and record deed per closing checklist.

How execution and exchange typically flow

A clear execution workflow reduces last-minute issues and clarifies the sequence of steps leading to recordation and funding.

  • Prepare Package: Seller compiles exhibits; buyer verifies attachments.
  • Signatures: Authorized signers execute agreement and ancillary documents.
  • Escrow Funding: Buyer deposits earnest money with escrow agent.
  • Record & Fund: Escrow instructs recording of deed and disburses loan and seller proceeds.

Typical digital workflow settings for online completion

Configure the online workflow so signers complete signing, initialing, and document uploads in a consistent order with audit logging.

Field Configuration
Signature Order Sequential or parallel per deal needs
Authentication Email link, SMS code, or KBA
Attachments Allow required exhibits upload
Audit Trail Capture IP, timestamp, and user actions

Distribution and signing channels to consider

Choose delivery channels that balance signer convenience, identity assurance, and regulatory requirements.

  • Email link: Simple delivery for standard transactions; verify recipient control of email account.
  • SMS or SMS + email: Adds a second device for authentication when stronger signer attribution is needed.
  • In-person or kiosk: Useful where witness or notary presence is required by state law.

Confirm integration needs with title, escrow, and lender partners and ensure the platform supports audit trails and required authentication levels.

Common eSignature vendor pricing and capability snapshot

Compare basic pricing and a handful of common features used when executing high-value real estate agreements. signNow is listed first per vendor comparison rules.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Common mistakes that delay or derail closings

  • Using incomplete legal descriptions or omitting exhibits that title companies require, causing recording holds and funding delays.
  • Mismatched signer names or missing corporate authority documentation, which can block lender funding or invalidate recordings.
  • Unclear contingency deadlines or ambiguous cure processes that lead to disputes over whether a party timely terminated or closed.
  • Failing to reconcile allocation of personal property versus real estate, which can cause tax and UCC lien complications.

Risks and potential legal consequences of an incorrect agreement

Contract Rescue Costs: Attorney fees and renegotiation expenses can be substantial
Title Defects: Undisclosed liens may survive closing and obligate the buyer or seller
Regulatory Fines: Noncompliance with local licensing or zoning can trigger fines or remedial obligations
Loan Funding Denial: Lenders may refuse to fund if documentation is incomplete
Tax Exposure: Incorrect allocation of purchase price can lead to IRS adjustments
Recording Rejection: Improperly executed deeds may be rejected by county recorder

Typical deadlines to track in the agreement

Explicit deadlines reduce misunderstanding; record calendar dates for inspection, financing, title objections, and closing.

Inspection Period:

Customary 15–45 days for property and environmental review

Financing Contingency:

Deadline tied to loan commitment date or specific calendar day

Title Objection Deadline:

Often 5–15 days after title delivery to present objections

Closing Date:

Mutually agreed calendar date for recordation and funding

Extension Notice:

Specify notice period and fees for agreed extension

Key milestones from contract to recorded deed

Sequential milestones help parties and service providers coordinate actions and cash flows toward a successful close.

01

Agreement Execution

Parties sign the agreement and deposit earnest money with escrow.

02

Due Diligence Window

Buyer completes inspections, lease reviews, and environmental assessment.

03

Financing Approval

Buyer secures loan commitment and satisfies lender conditions.

04

Closing & Recordation

Escrow disburses funds, deed records, and loan documents are filed.

Practical tips to prepare and manage the agreement smoothly

Adopt consistent workflows and documentation standards to reduce friction with title, lenders, and operating partners.

Use checklists
Maintain a closing checklist with required exhibits, cure items, and signatory authority documents to prevent last-minute surprises.
Standardize exhibits
Attach standardized rent rolls, FF&E inventories, and condition reports to speed review by lenders and buyers.
Confirm authority early
Obtain corporate resolutions or trust certifications during negotiation rather than at closing to avoid funding delays.
Choose clear dates
Translate day counts into calendar dates in the agreement to eliminate ambiguity about deadlines and notice periods.

Real-world examples of how agreements are structured

Two concise examples illustrate common negotiation outcomes and protective clauses for buyers and sellers.

Portfolio Sale — Optica Ventures

A buyer negotiated asset-by-asset escrows for undisclosed landlord liabilities

  • The escrow funded $250,000 per property to secure indemnities
  • The structure protected buyer cash flow while giving seller limited post-closing exposure and clear triggers for escrow release.

Single Hotel Sale — Martin Properties

The buyer required a 30-day inspection and a lender loan commitment condition

  • The seller provided a 60-day cure period for title exceptions
  • This balanced timeline accommodated lender underwriting while preserving seller marketing momentum.

Frequently asked questions about Agreements to Purchase Hotels

Answers to common questions about signing, authentication, and post-execution handling of hotel purchase agreements.


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